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As the global recession intensifies, customer satisfaction with banks in New Zealand has continued to increase marginally over the last six months.

While New Zealanders are experiencing financial problems, they are generally happy with their banks.

Roy Morgan New Zealand has found that in January 2009, customer satisfaction for the New Zealand banking industry continued to rise, despite the global financial crisis. The difficult financial climate that has forced some of New Zealand’s financial institutions to close has not had an adverse effect on customer satisfaction with the larger banks.

For the period ending January 2009 TSB Bank retained its lead with an 88% customer satisfaction rating. The largest gain since January 2008 was ASB Bank with a 2.9 percentage point gain to 82%.  The five major banks continued to do well, up 1.1 percentage points to 77.4% year on year.

Chart 1: Recent Trends in Customer Satisfaction, January 2007 to January 2009

“% Satisfied” is the proportion of all customers who are “Very” or “Fairly” satisfied with their overall relationship with that financial institution (on a five point scale).

We also looked at main financial institution customer satisfaction. On this measure TSB Bank also ranks highest with 95.4% and also made the largest gain over the last 12 months, increasing their satisfaction rating by 4.3 percentage points in January 2009.

Norman Morris, Industry Communications Director says:

“Roy Morgan’s latest results confirm a positive trend in overall customer satisfaction levels with major New Zealand banks. The global financial crisis, while having some impact, has left the New Zealand banking industry in relatively good shape compared to banks in other parts of the world.  A number of New Zealand’s banks have responded with innovative solutions to the current crisis.  This has in turn contributed to positive customer satisfaction.”

About Roy Morgan Single Source: Comprehensive, Consistent and Independent

Roy Morgan is a full service research consultancy with over 65 years experience offering both qualitative and quantitative research. For each of the last 6 years Roy Morgan has completed 12,000 interviews annually with New Zealanders aged 14 years and older obtaining detailed demographic, psychographic and lifestyle information plus detailed behaviours, satisfaction scores and purchase intentions in categories including:

• Finance, Media, FMCG, Food, Beverages, Telecommunications, Technology, Internet, Retail, Travel, Apparel, Pharmaceuticals, Cosmetics, Utilities, Automotive.

In the area of Finance:

Roy Morgan collects data on all financial institutions where respondents hold deposit accounts — not only data on their main financial institutions. A consistent approach in terms of survey method and questions asked ensures the data can be compared over time periods effectively.

The Roy Morgan Single Source information presented in this release is a syndicated research survey with the data available to anyone or any organisation. The research is not exclusively owned by, and therefore ‘closed’ to an individual owner or a small group of owners. As such the data is a truly independent source of information in the New Zealand financial market.

For comments or further detail, please contact:

Mark Dansey, Head of New Zealand Operations

Email: Mark.Dansey@roymorgan.com

Telephone: 64 (09) 912 7032; Mobile: 021 514 338

Norman Morris, Industry Communications Director

Email: Norman.Morris@roymorgan.com

Telephone: +61 (03) 9224 5172; Mobile: +61 402 014 474

Available to purchase on the Roy Morgan Online Store:

Detailed measures of customer satisfaction for New Zealand’s 7 major banking institutions:

• Customer Satisfaction
• Main Financial Institution Satisfaction
• Long Term Trends (2002 — 2009)
• Recent Trends (2007 — 2009)
• Customer satisfaction by Quintile (Highest value to Lowest value customers)

Available to purchase on the Roy Morgan Online Store

https://store.roymorgan.com/finance-NZ.

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